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mitt romney for lunch. it's closed to the press but those fiscal cliff talks will be part of that discussion. >> curious minds will want to know. susan, thank you. the fiscal issue of another sort, the record setting powerball jackpot. we like talking about this fiscal issue. this morning lottery officials say there are two winning tickets for the grand prize. the winning tickets were sold in arizona and missouri. the prize winners have not come forward. the winning numbers, 5, 16, 22, 23, 29 and powerball 6. the winners will split a jackpot of more than $587 million. second largest in u.s. lottery history. later in the broadcast, a report from anna warner on the down side to lottery fever. addictive gambling. that's later on this morning. this morning the west coast is getting ready for the second of three back-to-back storm systems, the so-called pineapple weather system started in the hawaiian islands. some call it a train. a mix of powerful torrential rains and strong winds. it has knocked down power lines and trees in northern california yesterday. a second more power
and untouchable deduction is on the table for fiscal cliff talks. that costs the government $100 billion a year. you know they're looking at every rock for revenue. it would take buyers away from the house market and it could be devastating to the economy. we have lindsey piegza and dan mitchell, from the cato institute. welcome to you both. lindsey, let me start with you. we shouldn't be surprised everything is on the table here, right? >> sure. but this is a big potential problem. it would no doubt cause prices on homes to fall? liz: to rise? >> i'm sorry. liz: if you took the mortgage deduction it would cause prices to rise. >> we would see prices fall because the demand for homes would teeter. this is big decision whether deciding to rent or purchase. you remove that incentive people will drop out of the marketplace. all of sudden a lot of potential homebuyers would-be homebuyers drop out of the marketplace and cause decline in prices up to 10%. this could really undermine any momentum we've seen in the housing market as of late. liz: that is interesting point of view because when i'm looki
for coming back on the show. we got news tonight that the president's opening bid in the fiscal cliff talks was extending the jobless benefits for another year. so he is doubling down on his policy. he wants more jobs benefits. what is the cost? and to you think that it is a good idea or a bad idea? >> two things. short-term cost of how it will really poisoned the well in these negotiations. we are talking about deficit reduction, and the president is proposing new spending at top of all the other spending. republicans going into the deficit reduction talks talking about another dividend tax cut is something like that. a very poisonous way to start since the negotiations between two sites. the second thing that is important here is how we are viewing these jobless benefits. the administration is firming in in terms of job creation. that is not what they are. gerri: this is a study they did it, extending jobless benefits would create 300,000 jobs. i had to read it twice to figure out what they were talking about . and it still made no sense to me. explain the contorted logic to work here. >>
. >> susie: investors will be searching for more clarity on those fiscal cliff talks, and they will also be studying tomorrow's importa")jé:0@6cj& but josh feinman says the november numbers won't give an accurate picture of the labor market. he's chief economist at d.b. advisors. >> reporter: hi, josh, so you're talking about distortions in that report. tell us more. >> yes, hi, susie. i think that the hurricane sandy may distort the numbers. we've seen it in some of the other high frequency data in the last couple of weeks. keep in mind tomorrow's labor market report will report on a snapshot of the labor market taken in the middle of last month. and that's when the hurricane and its aftermath were having their effects. >> so the consensus numbers from a survey of economists, they're expecting american businesses added 110,000 jobs it to their payroll. the unemployment rate staying around 7.9%. does that sit right with you. is that what you are seeing? >> probably somewhere around that maybe a little less. one of the problems is it is hard to gauge exactly what the impact of the storm
administration in fiscal cliff talks, what he is doing today. n every time someone chooses finish over cascade, it sparks a movement. because people can't keep it to themselves. look ! no ugly spots ! awesome! incredible shine. i'm switching for good. love, love, love finish! over a million people have switched to finish. visit us on facebook. . >>> cloudy, breezy and mild upper 50s on the lows, we will see mid60s. if we got any sun it would feel tropical. rain moves back in later this afternoon and evening . >> steve time is now 8:14. next month cosco will spend $3 billion to pay a special 7- dollar dividend to share holders. they want to make the pay out before the higher tax rates may kick in this case congress and the white house can't reach a budget compromise. other companies including tyson foods and wind resorts have announced similar moves. there are reports apple is considered doing the same thing but of course apple has made no comment yet. >> the president is sending the treasurey secretary to capitol hill for fiscal cliff talks with congressional leaders. jamie joins us now by s
. >>> could it be a sign that the stalemate in the fiscal cliff talks could be resolved soon. wednesday, president obama spoke with john boehner and eric cantor says the gop is ready to, quote, talk specific. if an agreement is not reached, defense employees will take a hard hit. almost half of the automatic cuts that would take effect will impact the department of defense and civilian employees are expected to be first to feel it. >>> new this morning, the duchess of cambridge is out of hospital and as we see in this video, just in to the newsroom, she and prince william were seen leaving about 0 minutes ago to head to kensington palace. the couple is expecting their first child and kate had been hospitalized for severe morning sickness. her stay in the hospital was uneventful except for a prank call by a pair of australian dj is pretrending to be the queen and prince charles. >>> same-sex couples in washington state line up to say i do and the state rolls out a controversial new law that legalizes smoking pot in private. >> a software giant arrested. john mcafee is at the center of an
will speak later to steve leisman about the fiscal cliff talks. we'll have a preview and discuss what traders want to hear. wooohooo....hahaahahaha! oh...there you go. wooohooo....hahaahahaha! i'm gonna stand up to her! no you're not. i know. you know ronny folks who save hundreds of dollars switching to geico sure are happy. how happy are they jimmy? happier than a witch in a broom factory. get happy. get geico. fifteen minutes could save you fifteen percent or more. how they'll live tomorrow. for more than 116 years, ameriprise financial has worked for their clients' futures. helping millions of americans retire on their terms. when they want. where they want. doing what they want. ameriprise. the strength of a leader in retirement planning. the heart of 10,000 advisors working with you one-to-one. together for your future. ♪ >>> goldman sachs earlier today cutting its outlook for gold and prices are closing right now. we have about a $2 loss in the gold market. sharon epperson is track being the action down at the nymex. sharon? >> gold prices are finishing the day basically flat here, s
point to a stalemate. >> emily schmidt has more >> you don't have to look far fiscal cliff theater... >> nobody wants to get this done more than me. gets solved. >> but key players aren't talking in the same room. congressional aides say they're not even communicating by phone or e- mail. >> the president is ready, willing and able, waiting to be able to sit down and seriously negotiate this but they have to be willing to come to the table with specifics. i think the next 72 hours are critical. if he sits back and continues to play politics, that'll give you going. >> some lawmakers are going back to their districts. congress has little scheduled business for the rest of the week. house speaker john boehner says that wouldn't stop negotiations. >> i'll be available at any moment to sit down with the president to get serious about solving this problem. >> a sticking point remains whether to raise tax rates for the wealthiest two percent of americans. speaker boehner concedes the rich will pay more in taxes, but says that won't solve a spending problem. his democratic counterpart
. but again only on news of setbacks to the fiscal cliff talks. we're not going to go in and buy anything these days. you'll get some representative congressman, senator come on say you stupid idiot. you bought stock and i'm talking on a microphone. i'm sending the stock market down because there's no progress. we have not one but two huge analyst days next week. only one an opportunity to buy. starbucks is coming to town on wednesday. you better get ready for one terrific show as the one and only howard schultz i believe will tell you that business is smoking in so many places in china to the united states and that tebana will be the next generation starbucks as soon as the merger is completed. the next day yum brands. it's coming to town. that company will have some explaining to do. i will have more on what yums needs to tell us. the sting of the earnings shortfall last night will still be with us no matter how good kentucky fried chicken might taste. also we hear from lulu lem athletics. i got a situation for how to trade this wild stock. wait until it looks like it blew up. then buy
that is fair. about an hour after speaker boehner spoke this morning about the fiscal cliff ago she haitians. in case you missed it, a quick piece of that. >> if you look at the plant that the white house has talked about thus far, they could not pass either house. dagen: rich benson is here. he is joining us with the latest from d.c. >> i think you can tell where the president was heading with this. we know the president lied on this is the campaign to raise taxes on wealthier americans. he says it is all part of the budget that he has put out over the last few years. that budget calling for tax increases over the next decade on families earning more than $250,000 a year. he campaigned on march revenue less than that. tax deductions they can't, they just say they would not raise tax rates. that really has been the key to all of this. connell: we are kind of caught in the middle. you saw the president speaking on the screen while rich was speaking. the audio still is not quite right of it. thank you. there we go. citigroup. another big story today. the stock has been up. 11,000 people, thoug
when he talks to julia boorstin and live coverage of the president with remarks on the fiscal cliff before the business roundtable. can he convince corporate leaders he has the right solution for avoiding the fiscal cliff. one more look at futures this morning on a wednesday. look like open 28. "squawk on the street" is back in a minute. >> there's a look at citi. the news on the bank this morning cutting 11,000 jobs. still working on a percentage of what that is on the overall workforce. they think it will be a pretax charge of about a billion dollars. savings of 900 million in 2013. rising to about 1.1 billion in 2014. we'll keep an eye on that name. >> very big. >> yeah. shares of pandora taking a hit in premarket trade. online music service beat expectations with third quarter results. ceo joe kennedy says pandora's advertisers are displaying caution about spending because of the fiscal cliff. he'll be on "squawk on the street" at 11:40 eastern time. and netflix paying for exclusive rights to stream disney movies. a lot of happenings moving stocks in a big way. with pandora, ana
, the fiscal cliff we're talking about has all kinds of components to it. it's the estate tax death tax, capital gains, dividend, alternative minimum tax, all the things that will harm a vast majority of americans from a tax standpoint in a significant and fundamental way. we believe those rates ought no increase. the president is willing to play politics and take us to the brink of raising those tax rates on virtually every single american. that's not what we believe is the kind of activity will get our economy and jobs rolling again. >> the white house will argue they're not the ones holds out to protect the top 2%, that it's the republicans doing that. >> great point, chris, the problem is what the president is holding out for is a nonsolution. the tax increases that the president wants on the top 2% will run this government not for eight years or eight weeks or eight weeks but run this government for eight days, which means it's not a solution. the president is not interested in real policy solutions by evidenced by what he has proposed, he's interested in politics and that's the ch
. walking-around money. walking-around money. >>> talking about big cash, let's get to the fiscal cliff. some developing news this morning. "politico" hassen e an exclusiv report that president obama and representative boehner had a "curt" telephone conversation. speak speaker boehner says he wants to move his position on tax rates but the president won't budge. he told him, if he has an alternative plan, he ought to put that forward rather than focusing on entitlements. the white house will send tim geithner to capitol hill for a meeting. yesterday the president met with ceos including at&t, goldman sachs, coca-cola and caterpillar, many of whom said after the meeting they emerged hopeful a deal could be struck to avoid the fiscal cliff. in another meeting with middle-class americans, president obama said he believes the framework for a deal could be in place before christmas. >> and i'll go anywhere, and i'll do whatever it takes to get this done. it's too important for washington to screw this up. now's the time for us to work on what we all agree to, which is let's keep middle-class
making his case for action on the fiscal cliff today in pennsylvania. we'll talk to republican congressman jim gerlach from that state about the trip and what needs to happen to get a deal done. >> one thing is for sure, fiscal cliff comments from washington have been having an impact. >> i would hope our friends on the other side can turn off the campaign. >> we could have prevented this crisis months ago. by just simply adopting what passed in the senate. >> president obama is meeting with high profile chief executive officers today to talk about country's fiscal issues. >> we're here to support doing the right thing and putting america back to work. >> we don't legislate but we know the consequences of a failure to reach an agreement. >> only way democracy works is through compromise at the end of the day. >> i'm optimistic we'll continue to work together. >> our ultimate goal is an agreement that gets long-term deficit under control in a way that is fair and balanced. >> stocks trade on fiscal cliff comments from president obama and john boehner. >> no substantive progress
-- forward on avoiding that fiscal cliff. he is due to meet to talk about how to avoid a series of tax heights and series of cuts due to begin in january. president barack obama said he will do whatever it takes to get this done and also today, president barack obama will have lunch at the white house with mitt romney, his former rival. during his election speech he said he would reach out to mitt romney and he is doing it. the white house has no specific ideas but they are looking forward to making the government work more efficiently. >>> there is an accident in the east bay, a big-rig slammed into three parked cars and has spilled diesel. it slammed into these cars here and the fire department is trying to mop up the diesel fuel spill. this is right between san leandro and cost trough valley. and it is off of 162nd avenue and you can see that it has created quite a mess there, so the crews will be there for quite some time trying to contain this. it did happen almost an hour ago so they have been on the scene almost an hour ago. you can see traffic is flowing nicely in both directi
the information. >>> deadlock, that's how people on capitol hill are describing the talks to avoid the fiscal cliff. president obama and john boehner did speak on the issue today, but the results of that conversation not public. the white house has now asked federal agencies to plan for more than $100 billion in cuts. that's what happens if the issue is not resolved by december 31st. >> we've got to cut spending and i believe it's appropriate to put revenues on the table. >> let's allow higher rates to go up for the top 2%. that includes all of you, yes? >> president obama speaking to business leaders when he made that comment today at the white house. insists he will veto any bill that does not include tax increases on wealthier americans. >>> coming up an online shopping horror story, a maryland woman's story may convince you to read the fine print. >> last night we were around 60 degrees most places at this hour. tonight we're some 20 degrees colder than that. i'll let you know how low it gets overnight and if we'll see more warm air on the horizon, but get ready for a chilly overnight. th
's moving this morning. >> happy tuesday. the fiscal cliff still being talked about here. there's a certain realization that the rough outlines of a deal are already available here. modest tax raises, some spending cuts, that's the real rub there. extent of spending cuts. the bad news if you want to look at it this way and i said it several times in the last few days, the era of american austerity is about to begin. we have seen some of it going on in parts of europe. it's about to begin here. my sense is that it will be gentle austerity in 2013 and into 2014. at least in the very beginning part of this thing. other good news, housing numbers and autos have been good recently. you saw toll brothers yesterday. gm did not bad although the trucking was light. the fed, they're going to continue to expand their qe program likely at the meeting on december 12th. depends on whether that's good or bad news to you. that will provide some cushion against austerity. so a mixed realization about where all of this is going. one of the reasons the markets are holding up well. the toll numbers. i want to
the fiscal cliff anymore you might throw yourself off a cliff. here goes the republican again. they decided we'll go with the transition again. >> without spending cuts and entitlement reforce it's impossible oh address the fiscal crisis. >> cenk: we're busting their ass up today. i'm going to show you what they said before the election and what they said after. you'll love that. >> here come the people, man strikes and more strikes. now, fast food workers in new york starting to strike. >> i've been working at mcdonald's for 10 months right now. >> i've been working at wendy's for a year and two months now. >> cenk: i'm going to show you how much they're getting screwed. you want to talk about surprising news? here comes big foot! >> i was a skeptic. i did not believe these things exited at pull. they live right under our noses and we were never able to get proof of this until now. >> cenk: is it real? there's some real evidence. we'll talk about it on the show. in the end, of course, the did you meanest republican in the country within the show. who is it? gomer! you're going to love his
's where he will also talk about his plan to avert the so-called fiscal cliff. comments yesterday from house speaker john bohener hinted lawmakers are back to square one on settling the cliff chatter. "no subsantive progress has been made in the talks between the white house and and the house over the last two weeks." the stock market briefly sold off on boehner's comments, but then bounced back. optimism had been growing after president obama and representative boehner made remarks wednesday that a deal could be worked out. now speaker boehner insists there are still many roadblocks in the way. last night, boehner offered no details but rejected the democrats' $4-trillion plan presented by treasury secretary timothy geithner. investors have a more optimistic view on the global economy. a new survey by bloomberg shows 2/3 of investors surveyed described the worldwide economy has either stable or improving. overall, they considered the global economy to be in the best shape in 18 months. when asked which countries will offer the best investing opportunities for next year, the u.s. rank
revenue, this fiscal cliff issue much larger. talks about the debt ceiling and what that means for next year. treasury saying that sometime early next year they will run out of those extraordinary measures and the u.s. will have to raise the debt ceiling or default. back to you. ashley: very good point. rich edson in d.c. thanks very much. tracy: our next guest says, forget taxes. washington needs to focus on cutting entitlement spending if we want to prevent a battle between old and young americans. diana further got roth, senior fellow at man hat taken institute and joins us now. diana, seems to me raising the retirement age is the simplest thing you could do yet we're not talking about that. >> well, we certainly should be because part of the deficit problem, a great part, is entitlements, social security and medicare, keep adding fiscal burdens as people's live expectancy increases and it's great that people are living longer but when social security was first thought of the life expectancy was only 67. now it is around 85. we need to raise retirement ages or somehow thinking about
at quarterback. sorry, i've just got to say it. so let's talk about the fiscal cliff. >> you don't want to stick on it? >> you want to stick on this? the thing about josh hamilton is, in the 162nd game of the year. >> yeah. >> he basically let a pop fly fall in front of him. >> yeah. >> no effort. >> the irony, of course, is that he probably has the sweetest swing and the most pure talent in baseball. and when he's on, there's no one better. i think he had a four-home run game where every ball was a line drive. it was right on the peg of the bat. if he put it all together, he would have been sitting pretty right now. >> he would have. so fiscal warnings yet to faze wall street. steve rattner, this is a good one to talk to you about with congress and the president seeming to be further and further apart. we're starting to hear well, maybe we can survive the fiscal cliff for a little while. what's going on? >> no, i don't think wall street is saying we can survive fiscal cliff. they're saying i'm not sure we're going over the fiscal cliff. right after the election wall street dropped 5% when every
the president is talking about the fiscal cliff. an argument with republicans and how he wants things to go forward and how to avoid the fiscal cliff. the tear- gas to say >> we know how to do that but in washington nothing is easy sell there's gonna be some prolonged negotiations. all of us are going back to get out of our comfort zone is to make that happen. i am willing to do that and i am hopeful that enough members of congress and both parties are willing to do that as well. we can solve these problems. but where the clock is really taking right now is on middle-class taxes. at the end of the year middle-class taxes that are currently in place are set to expire. middle-class tax cuts that are currently in place are set to expire. there are two things that can happen. if congress does not every family in america will see their income taxes automatically go up on january 1st. every family, everybody here will see your taxes go up when the reverse. i am assuming that does not sound too good to. it sounds like the local you get for christmas. >> that is the president talking about the fisc
brown. we begin with negotiations to avert the so-called fiscal cliff both republicans and white house hold their lines and no formal talks yesterday. president obama said he wasn't ruling out some reductions in entitlement programs such as medicare and social security, meanwhile house speaker john boehner has to win over hard liners in his own party. susan mcginnis is following it all. >> reporter: hi. good morning. there are some glimmers of common ground here among the two sides that could form the basis of a deal. the president is now talking about actually lowering the tax rate for the top 2% not now but later. and republicans are now taking some heat over their latest plan a lot of it from within their own party. >> five, four -- >> reporter: house speaker john boehner led the countdown to the lighting of the capitol hill christmas tree last night. >> one. >> reporter: but a different countdown weighs on the minds of these lawmakers, the countdown to the fiscal cliff. a series of tax increases and spending cuts due to kick in at the end the year. >> god bless us, everyone. >> rep
you for that reporting from washington. >>> president obama talking about the fiscal cliff. in his first television interview since the election, that cliff, of course the combination of government spending cuts and tax increases that automatically go into effect on january 1st because people we elected to make a deal can't make a deal. yesterday, republicans proposed steep spending cuts but gave no ground on president obama's call to raise taxes on the wealthiest americans. here's what the president told bloomberg's white house correspondent about that. >> unfortunately the speaker's proposal right now is still out of balance. you know he talks, for example, about $800 billion worth of revenue but was he says he's going to do that by lowering rates. when you look at the platte it doesn't work. when i've said is, i am prepared to work with the speaker and democrats and republicans to go after excessive health care costs in our federal health care system, we're going to have to strengthen those systems and i think we can do that without hurting seniors, without hurting beneficiaries
out if you should be making a deposit coming up on "mad money." >>> with the fiscal cliff looming less than a month away. you would think that some would be getting hammered right now. and i'm not just talking about defense. think retail. if we go over the cliff, something that i have been telling you as of this weekend. that will deal a huge blow to the purchases power of most americans think about it. tax rates go up. >> boo. >> the payroll tax holiday goes away. unemployment benefits expire for most people and that is not even accounting for the layoffs. put it together, unless we get a deal, which won't be bad news for the single biggest consumer out there, retail. >> you would expect the whole retail cohort to be in trouble. things will get a whole lot worse. two weeks ago we got retail sales that showed a 3% decline. last friday's gdp indicated that it had decelerated to 1.4%. incomes are flat and hurricane sandy shut down the northeast for days and in some cases for weeks. even though we have had positive numbers from companies like home dep depot, the group would be flat lining
to see it in the next 48 to 72 hours. >> chuck, we are talking about the fiscal cliff here and basically, i mean, i know next to nothing about the fiscal cliff or the negotiations that are going on. is your sense that there's more going on behind the scenes than what we talk about or what's in the papers? >> you know, i love -- no. there's not. i mean -- >> you mean we're right? >> no, it's one of those -- it's amazing. i think we all assume oh, there's got to be real stuff going on. this is just -- and maybe this is an elaborate ploy, right, that the president and boehner said okay, we're going to do all this and then magically we'll bring it all together as everybody feels everything's going to heck in a handbasket. but no, there's not a lot going on sort of behind the scenes. there isn't a backroom -- yes, rob neighbors who's the chief congressional liaison for the white house, he checks in daily with boehner's and mcconnell's office, but there's not real negotiations going on like we saw in the last ten days. but i also am a little bit of -- i think everybody should just go to -- you
the white house today about the fiscal cliff. treasury secretary, tim geithner said the administration is quote, absolutely ready to let the economy go over that cliff, rather than drop the higher tax rates for top earners. president obama also told a group of ceos, he won't republicans inject the threat of a government default into the current negotiations. >> that is a bad strategy for america. it is a bad strategy for your businesses, and it is not a game that i will play. >> in spite of the rhetoric, president obama and house speaker john boehner did speak by phone today for the first time in days. neither side is revealing what they discussed. >>> on wall street, stocks ended mixed with a fiscal cliff. the dow industrials gained 82 points amid optimism about a deal in washington perhaps in the next week. the tech heavy nasdaq fell 22 led lower by apple. its shares were 6% lower. apple's largest loss in a year. apple shares lost $37 to close at 538 and change. still apple stock is up more than $100 since the start of the year. >>> meantime, citigroup announced plans to cut 11,000 j
the fiscal cliff. treasury secretary, tim geithner said the administration is quote, absolutely ready to let the economy go over that cliff, rather than drop the higher tax rates for top earners. president obama also told a group of ceos, he won't republicans inject the threat of a government default into the current negotiations. >> that is a bad strategy for america. it is a bad strategy for your businesses, and it is not a game that i will play. >> in spite of the rhetoric, president obama and house speaker john boehner did speak by phone today for the first time in days. neither side is revealing what they discussed. >>> on wall street, stocks ended mixed with a fiscal cliff. the dow industrials gained 82 points amid optimism about a deal in washington perhaps in the next week. the tech heavy nasdaq fell 22 led lower by apple. its shares were 6% lower. apple's largest loss in a year. apple shares lost $37 to close at 538 and change. still apple stock is up more than $100 since the start of the year. >>> meantime, citigroup announced plans to cut 11,000 jobs, or 4% of its workforce. the c
stories. >>> president obama and house speaker john boehner chatting by phone about the fiscal cliff. no details or word of progress or future talks with just 26 days remaining to get a deal done. another prominent republican is breaking ranks. tom coburn, a leading conservative and fiscal hawk saying he'd prefer raising taxes on the wealthy as a way to raise revenues. >>> a bitter turf war between twitter and instagram elle cl escalating. no one on twitter will be able to see the images posted on instagram. instagram's goal is getting people to post more photos on their site. >>> a man cannot have any more children until he shows proof that he can actually afford those children. 44-year-old corey curtis is charged with failure to support two of the nine children that he's fathered with six women. he owes $85,000 and says he is ready to abide by the judge's order. >> good idea. >> all right. the grammy nominations announced in style with a star-studded concert, jay z and kanye west were among the six artists tied for the most nominations, six apiece. the grammy awards ceremony, music
a lot less clear when you talk about health care or the fiscal cliff. the first thing they did. i spoke to some people at the white house about it this week. they tried to get the base activists involved in the persuasion campaign around the fiscal cliff. they have an info graham and information that shares. teddy goff is one of the digital directors of the campaign has noted that when they want to talk to people on facebook, they reach $10 million with any contact they consider pretty good. that's the first thing they are doing. the harder question comes next. if you don't have the things work out, if you don't get a deal on the fill buster to stopt obstruction, do you bring them in to do something more confrontational. >> let's take a look. laura was anticipating some of these arguments, particularly around progress sives. if you look at the chart that you generated of national ofa e-mails, from obama for america to organizing for america, we see it is primarily about health care. you get this big spike. there is some work going on about sotomayor and economy in the budget. it is clea
on encouraging news from washington on the "fiscal cliff" issue. ashley morrison of cbsmoneywatch.com joins us. good morning, ashley. >> reporter: good morning, to you, frank and michelle. asian markets got a lift this morning on growing optimism from debt talks in washington. tokyo's nikkei rose 1% while hong kong's hang seng also gained about 1%. the improvingometer mitchell on the "fiscal cliff" gave wall street a boost, as well. the dow added 106 points after being down triple digits earlier in the day. while the nasdaq was up 23. >> could the dollar bill be going out of style? a congressional panel is once again calling for the u.s. to stop printing singles and switch entire to dollar coins. the nonpartisan panel believes the switch could save taxpayers money. it is more expensive to produce the coins but they last about 6 types longer than the paper bills. i don't know. it's going to make my bag heavier for sure. >> that's what i was thinking. my purse is already heavy. >> got four bucks? let me see it here. >> ashley, from time to time frank will go and make a starbucks run for us but i
to talk to lawmakers the debate rageed on how to avoid the fiscal cliff. president obama trying to argue the republican plan wouldn't work suggested that the g.o.p. would eliminate charitable deductions altogether. >> if you eliminate charitable deductions, ever hospital and university and non-for profit agency, across the country would find themselves on the verge of collapse. >> destroying every charity in the country as a powerful political argument no republican plan to eliminate the charitable deductions. oddly enough the president himself long favored capping deductions at 28%. also in his current budget. >> a different way to do that, that would raise $600 billion over ten years. >> analysts say that 50 $50,000 cap the g.o.p. suggested would raise more than that. some $750 billion. the arguement that limiting deductions would hurt charities was dismissed by mr. obama himself back in 2009. >> i think this was a good idea. a realistic way for to us raise revenue from people who benefited enormously in the last several years. >> making the wealthy pay is not the focus of the charitab
you. the meltdown that was sure to begin. my next guest says the fiscal cliff is simply y2k fear. joining me now is a chief investment officer. we have had other people talk about it similar to y2k. why do you feel that it is not something to worry about right now, from an investor standpoint. >> first, i think the deal is already settled in was settled a while back. everyone who has negotiated knows that is what goes on. from an investor point of view, i think you will find that the tax rates don't go crazy like everyone thinks. the dividend taxes, for example, you will have 23.5%. all of these captains of industries, what happens when it turned and looked around and say it really was not such a big thing. what will they do? will they go away from dividends and not have anything that has interest. liz: even with a potentially higher tax rate, you are still getting more than 1.6% or 1.7%. >> exactly. look at how many times in history we have had higher dividend taxes. the rate will hit around 20%. it could go as high as 36 or 39%. with that said, 200 companies, roughly, are accel
teetering on the fiscal cliff has pushed moms to come to capitol hill. >> tons of working moms who are barely able to make it work. >> reporter: silver spring maryland mom clara pager with 10-month-old cassady and a teddy bear in walking the halls of congress, but the stuffed animal is not for her child but for lawmakers. >> the teddy bear for representative wolfe. >> it steams like it's the middle class family -- seems like it's the middle class families who the cuts get made on because they don't have a voice here to speak for them. >> reporter: page is part of an online grassroots organization called momsrising.org, their goal? improve public policy for working families handing out teddy bears to lawmakers telling them they're putting moms and families in an unbearable situation. moms are going door to door telling lawmakers and handing them a book of stories how they're struggling to make ends meet as is and how falling off the fiscal cliff will further hurt their families. >> things like child care cost more than college. we have a 1/4 families living in poverty and it's not
. >> the whole thing about investing-- and obviously everybody's paying attention to the fiscal cliff. businesspeople i've talked to at this point are saying, listen, closing loopholes, raising rates, we don't care because if there is damage done there, it's much less than not reaching a deal. so reach a deal first. we don't even care anymore about this stuff, just get it done. but in terms of investing these days, you know, it's tough out there, of course. the idea is to be a contrarian, to think different. that's the only way, really, to get ahead over the long run. we have a story about jack bogel who has a company called vanguard, now $2.2 trillion colossus that he's built up by having low-cost index funds which people can't get their brains wrapped ar eped around, a really good strategy. we have a story about apple which is kind of the stock of our time. >> we asked the question, can you continue to be obsessed with apple stock? >> yes, i think you can. what's interesting about apple, and it's, again, sort of a contrarian position. a lot of people think the stock is really expens
.com stay with us for the up to the minute in tone in washington today -- as the fiscal cliff looms. kron4's political analyst michael yaki is here to talk about it all -- however, only 34 days until the united states faces the our political analyst, michael yaki is on set tobut first let's go to vicki? >> politicians in washington are trying to reach a compromise before the january first deadline. if no deal is reached -- tax increases and effect. president obama says the people need to be part of the fiscal cliff debate. and today, he's taking his message on the road. >> i believe that both parties can agree on a framework that does that in the coming weeks. in fact, my hope is to get this done before christmas. >> but republican lawmakers, question the president's decision to leave washington. >> in other words rather than sitting down with lawmakers of both parties and working out an agreement he is back on the campaign trail presumably with the same old talking points that we are all quite familiar with. >> mister obama assured the public he is doing his part.
folks worried now about the fiscal cliff. one economist worried that a budget deal will actually hurt the economy and send unemployment sky-high. i'll hear what he has to say up next. [ male announcer ] introducing... a new way to save on your prescriptions. it's the aarp medicarerx saver plus plan from unitedhealthcare. with this plan, you can get copays as low as a dollar through a preferred network pharmacy like walgreens -- where you'll find 8,000 convenient locations. best of all, this plan has the lowest part d premium in the united states -- only $15 a month. open enrollment ends december 7th. so call today or visit your local walgreens. ♪ ♪ [ male announcer ] everyone deserves the gift of all day pain relief. this season, discover aleve. all day pain relief with just two pills. home of the legendary grand prix circuit. the perfect place to bring the all-new cadillac ats to test the 2.0-liter turbo engine. [ engine revs ] ♪ [ derek ] 272 horsepower. the lightest in its class. the cadillac ats outmatches the bmw 3 series. i cannot believe i have ended the day not scraping
, president obama says he hopes to have a deal to avoid the fiscal cliff by christmas. invest fors apparently shared his optimism and stocks closed higher. congress must reach a compromise on the deficit reduction plan by the end of the year. otherwise, tax hikes will automatically kick in. >>> talk about a power lunch. president obama and mitt romney, who will dine at the white house together tomorrow afternoon. this will be the first time they have met since their final debate. the meeting will be private. no aids and no media. >>> armed with guns and sledgehammers, the daring bay area jewelry heist that took 75 seconds to pull off. >>> well, that and $7 will get you a cup of coffee. what's so special about starbucks' new brew? >>> a $580 million jackpot is up for grabs tonight. now california wants in on the action. how soon until you can play powerball? ,, sledgehammers, hit a bay ara jewelry store. it happened in los gatos. c5 reporter kiet >>> they were in and out in a flash. two thieves waving guns and sledgehammers hit a bay area jewelry store. it happened in los gatos. kiet do shows
being asked. we are willing to go over the fiscal cliff. why? to square the members to call their members of congress. if you talk to business people and people in the banking industry they are not concerned about the fiscal cliff and i am not sure why. maybe they feel it is going to get done. this is very, very interesting. >> steve: i think there are people who are optmistic that something can happen in the long run. >> brian: we get past this hurdle and we might get on a roll. >> steve: john boehner said the republicans point of view. we don't have to raise rates on the top people. we can tighten things up and close the loop holes and deduction. actually that the president of the united states's point of view back last year . now he said it is all about tax rates. this is the president in a flash back. >> what we said give us 1.2 trillion in additional revenues which could be accomplished without hiking tax rates, but could simply be questioned by eliminating loop holes and deductions and engaging in a tax reform process that could have lowered rates. >> steve: he was for
29 days to go before the u.s. hits the fiscal cliff. both sides are blaming each other for the standoff unsurprisingly. timothy geithner is pushing the gop to offer specific ideas and predicts they'll eventually yield on raising tax rates on the wealthy, but john boehner is standing firm against those high taxes. >> we've put a serious offer on the table by putting revenues up there to try to get this question resolved. but the white house has responded with virtually nothing. >> why does it make sense for the country to force tax increases on all americans because a small group of governors want to extend tax rates for 2% of americans. no reason why that should happen. >> geithner says republicans will be responsible if no budget deal is reached by the end of the month. boehner says the fight has only begun and he's interested in cutting a deal and not sounding a fiscal alarm. we'll be talking about how the two sides might be able to break the deadlock with a did democratic strategist in the next half hour or so. now, singapore airlines has confirmed it's in talks with
the fiscal cliff. ktvu house smoker john boehner could be facing an uphill battle within his own -- >> reporter: speaker boehner -- certainly talk here that some republicans could revolt if speaker boehner caves to pressure from the white house to raise tax rates on the wealthiest 2% of americans. and while he's certainly had not agreed to that some are promising to block it. tea party favorite jim says giving into democrats to avoid the fiscal cliff is a temporary solution he's not willing to support. >> republicans should not be conceding the federal government needs more money. >> reporter: we will be hearing from democrats shortly. minority leader nancy pelosi is holding a news conference. we'll have that for you during our next update. reporting live from washington, d.c. alison burns ktvu channel 2 news. >>> a los angeles area fire house is under fire for letting an exdeny letting an exercise company shoot a racy video inside its station. the video by hoopnautic.com shows a scantily dressed woman dancing around. the station was also in trouble last year for allowing some fi
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